SkyePharma restructures management through outsourcing

SkyePharma has announced a restructuring of the company’s management as part of an ongoing initiative to increase “operational efficiency”.

The British company, listed on the London Stock Exchange, has decided to outsource its investor relations department, while reorganising the company’s legal and secretarial areas.

As a result of the restructuring, Peter Laing, director of corporate communications, and Douglas Parkhill, company secretary, will depart SkyePharma by mutual consent.

Frank Condella, chief executive of SkyePharma, remarked: “We thank Peter and Douglas for their meritorious service in their respective roles and wish them every success in the future.”

SkyePharma have been seeking to recover after a “difficult” 2005, which saw gross profit reduce by almost a third.

In August, the company was also faced with a fast declining share price, which “disappointed” Mr Condella.

However, the company received better news earlier this month with the announcement that Mundipharm had agreed an exclusive licensing agreement for Flutiform, a treatment for asthma and chronic obstructive pulmonary disease.

SkyePharma’s shares have recovered to 28 pounds, after they dipped to 22 pounds in August. In November 2005, the company’s shares reached 56 pounds.